China to pay for energy cuts

China will launch a 7 billion yuan (US$925 million) fund to spend on energy-saving projects, China Daily said on Monday.
"We are facing a very vital situation to cut energy use," the China Daily quoted Ma Kai, head of the National Development and Reform Commission, the country’s top economic planning body, as saying on Sunday.
Local officials will also come under increased pressure to meet energy-saving targets, said the report, noting that failure could bring their "political futures" into jeopardy.